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Brentoilanalysis

Potential Upside in Brent Crude Oil (Cont'd)Continuation from previous post, and adopting @pipizer feedback in the comments: 1. The past few days has saw a drop in the price mainly due to reports on OPEC output in October reached an all-time high. This lead to a further decrease which finally complete the Cypher Pattern. 2. A reversal candle (hammer) was formed the following day (14 Nov) with a long tail signalling bulls overcoming the bears at EOD. Mainly driven by renewed hopes of OPEC output deal. 3. Breakout of previous day hammer lead an opportunity to long and my entry was around the area stated, with a Stop Loss placed around the support region indicated. 4. I have identified 3 potential resistance zone and they fall nicely into the fib retracement 0.236, 0.382 and 0.618 area. 5. The first resistance zone break will cause more conservative traders to go on a long due to a 2nd breakout and short position traders will start covering their shorts which becomes the driving force to push further up. 6. Still, upcoming OPEC deal will be the crucial driving force for it to either trumps or fall. It will still be volatile during this period. 7. My exit strategy will be on a trailing stop in this case.
TVC:UKOILLong
by akenii
Potential Upside in Brent Crude OilMy first trading idea, here to learn from the experts, please give feedback on this idea. Several Signals I have identified: 1. Cypher Pattern has confirmed potential reversal zone 2. A support level at 45.48 area is forming 3. Still in an long term upward trend 4. Catalyst moving it up would rely on upcoming OPEC deal on production cut What to do now? Wait for a reversal candle to affirm confirmation of entry. Trade on breakout of resistance 47 area.
TVC:UKOILLong
by akenii
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